BofA Securities head of US equity and quantitative strategy in a Bloomberg TV interview overnight:
- probably a lot of this good news has been priced ... maybe even overpriced into the Mega-cap tech cohort. Everybody owns these companies, so there's not a lot of buying pressure.
- But there is a broader array of companies that actually look pretty healthy. And if we don't go into ... hotly forecast recession ...I think that the market can rip from here. The equal weighted S&P could rip. It could rip.
- we're forecasting through year end is 4600 for the S&P. I think the equal weighted S&P could do double those gains.
Bolding above is mine.
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The S&P 500® Equal Weight Index (EWI) is the equal-weight version of the widely-used S&P 500. The index includes the same constituents as the capitalization weighted S&P 500, but each company in the S&P 500 EWI is allocated a fixed weight - or 0.2% of the index total at each quarterly rebalance.
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